[ET Net News Agency, 8 November 2019] Nomura initiated coverage on Eversunshine
Lifestyle Services (ESS)(01995) with a "buy" rating and a target price of HK$6.5.
The research house said investors tend to look at ESS as if it were a small PM (Property
Manager) related to CIFI (00884). However, Nomura thinks the similarity of its business
model to that of Greentown Services (GTS)(02869), which is the representative of
high-quality PMs, and ESS is thus undervalued.
Nomura appreciates its growth driven by third-party contracts tendering (64% of AuM
[area under management] in FY2018 versus GTS 80%) and VAS2C (value-added service to
customers/residents)(18% of revenue vs GTS 20%), as it highlights ESS's professional
management without heavy support from its parent company. (KL)
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01995 ES SERVICES
Nominal 
1.770 -0.070 (-3.804%) Research Report
08/11/2019 13:54
{I-bank focus}Nomura starts Eversunshine (01995) at HK$6.5
| Remark: | Real time quote last updated: 23/09/2024 17:59 |
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